14 Mar Startup accelerator gener8tor endures harrowing days as its bank, SVB, fails
gener8tor co-founders Joe Kirgues (left) and Troy Vosseller, Photo: Scott Paulus
Gener8tor co-founder Troy Vosseller is accustomed to a certain amount of risk — his Wisconsin-based startup accelerator and venture capital firm has invested in more than 300 startups, employs more than 100 people nationwide and hosts conferences for thousands of attendees.
But when gener8tor opened a bank account with Silicon Valley Bank (SVB), which was the 16th-largest FDIC-insured bank in the U.S. before its swift shutdown Friday, Vosseller thought it was among the firm’s least-risky moves.
“That was turned on its head this weekend,” Vosseller said.
Gener8tor, also run by co-founder Joe Kirgues, was among the Wisconsin companies impacted by SVB’s rapid collapse. The firm is a well-known fixture in Wisconsin’s startup scene, having worked with more than 1,000 startups around the country and even the world throughout its decade-long history.
SVB customers including gener8tor were able to access their money Monday, but the fiasco has left companies trying to catch their breath in the aftermath. For gener8tor, that means opening accounts at multiple new banks, supporting its portfolio companies that were affected and mentally recovering after a stressful few days.